I can relate to MAD_DOG a lot on this. Last semester I finished my Unix class, and it was shell programming most of it. While I agree with you knalb on the programming being important (I'm a programmer myself) but most of the chunk of the knowlege of an administrator relies on the actually hands on portion - setting up servers, maintaining, using several utilities, configuring those utilies, and having overall good judgement about what's good and not when it comes to networks overall. I unfortunately didn't get any of that from the class. It was strictly programming.
The class was called "Unix and C++" and ironically, we didn't even cover C++! It was Bash and Perl most of it. While I still liked the class (we coded several admin utilies from scratch ourselves and also a server in Perl) I wish we could've covered some hands on stuff. You can't expect much from a university class I guess.